The Botswana Development Corporation (BDC) has released its audited financial statements for the year ended 30 June 2015 that showed the state owned company is returning back to profitability. Presenting its financial results, BDC reported increased revenue and profit at both company and group levels. “FY15 has been a very successful year for the Corporation. It marks the first year of our Transformation Programme and the first full year of our Strategic Plan,” said BDC Managing Director, Bashi Gaetsaloe. “Throughout this year, we have been focused on implementing our Crisis Response Plan and our long term Strategic Plan – including:…
Author: Editor
De Beers said its Botswana unit; Debswana has slashed production guidance for next year as demand for rough diamonds continues to soften affecting a number of producers. The company, which is a 50/50 shareholder in diamond miner, stated that since the start of 2015, the diamond industry has experienced a number of challenges leading to abnormally high pipeline inventories of polished diamonds. This has resulted in lower demand for the Debswana’s rough diamonds. “As a result, Debswana has revised its production for 2016 to 20 million carats to match expected levels of demand for rough,” De Beers said on its…
The inaugural edition of the Africa Oil & Power conference will be held June 6-7, 2016 at the Westin Hotel in Cape Town, South Africa. Endorsed by the Ministry of Mines, Industry and Energy of Equatorial Guinea and Hosted by Centurion Law Firm, Africa Oil & Power is an invitation-only event that strives to redefine energy conferences. It draws a premier crowd of ministers and senior level government officials and top executives of private sector companies spanning the entire value chain, including upstream, downstream, power generation and legal and finance. The goal of Africa Oil & Power will be to…
Diamond mining giant, De Beers said it has appointed Nimesh Patel as Chief Financial Officer. Nimesh succeeds Gareth Mostyn, who will take up the role of Executive Head of Strategy and Corporate Affairs in the New Year. Patel joins from Anglo American where he was Group Head of Corporate Finance. Prior to joining Anglo American, Nimesh spent 15 years in investment banking at JPMorgan and as a Managing Director at UBS. “Having been closely involved with De Beers for a number of years in my previous role, I look forward to working with Philippe, the Executive team and our many partners…
Lucara Diamond, the operators of Karowe mine in Botswana, has adjusted operating cash costs at its key asset to factor in a number of challenges including shortage of electricity. The Botswana Stock Exchange (BSE) listed mining outfit said on its 2016 guidance that the mine’s operating cash costs (including waste mining) are expected to be between US $33.5-$36.5 per tonne treated. “The forecast increase in operating cash costs from 2015 is due to investment in changes to the process plant facilities to improve large diamond recovery and to process harder material from deeper in the south lobe, current forecast power…
New trade statistics on Botswana have shown that the country’s exports rose while imports fell in the month of September. Statistics Botswana’s Monthly Digest for September revealed that total imports in the period under review were valued at P4, 603.2 million, a decrease of 4.7 percent (P224.7 million) from the August 2015 value of P4, 827.8 million. On the other hand, total exports were valued at P4, 202.7 million, a rise of 38.6 percent (P1, 165.6 million) from the August 2015 value of P3, 031.2 million. The data agency said in comparison of September 2015 import figures to September 2014…
A dream came true for Hamza Guelmouss (20) of Morocco’s Casa Moda Academy when he was named the winner of the ELLE Rising Star Design Award 2015 in association with MRP in Hyde Park, Johannesburg. “Listening to the finalists’ stories during the judging as they took us through their collection made it incredibly difficult to settle on one single winner. There were undoubtedly strong visions and voices in this year’s selection of finalists. Above and beyond this, Hamza had a plan, a clear idea of where he would like to take his brand, a future for his range and a…
ESP has been the buzzword in the local media fraternity and across social media platforms. However, Major Moves Comedy is bringing a different form of ESP to Mahalapye, Tonota and Maun in the form on eComedic Stimulus Performances (the E is as silent as the k in knowledge). Known for mouthwatering and non-stop laughter productions, Major Moves Comedy has put together 3 shows namely 2nd Annual Home Coming Comedy in Mahalapye, Tonota FC Comedy Night and the 1st Annual My Maun Experience Comedy Night. The Home Coming Comedy night aims to showcase the best of the best talent from…
Phumeza Nhantsi, who has been seconded from the accounting firm Sizwe Ntsaluba Gobodo, has taken office as SAA’s interim Chief Financial Officer (CFO), following the resignation of Wolf Meyer, as CFO. Nhantsi is a Director at SizweNtsalubaGobodo, the fifth-largest accounting firm in Southern Africa and the largest black-owned and managed firm. “We welcome Ms Nhantsi to the SAA family. She has extensive experience in the financial services arena, and specifically, one of her key clients is Denel SOC Ltd, which is where she gathered institutional knowledge in the aviation space,” says Musa Zwane, SAA Acting CEO. Nhantsi has more than…
Exxaro, the South African-based diversified resources company said it will continue to engage Eskom over the impasse regarding the Coal Supply Agreement (CSA) from the Arnot Mine to the Arnot Power Station in Mpumalanga. The state-owned company, Eskom has a cost-plus contract with Exxaro for the supply of coal to the Arnot power station, which expires in December 2015. The parties have been in ongoing discussions from as early as 2013 about the challenges that the Arnot Mine has in meeting its production targets, and its high cost of production. Eskom had complained that despite various meetings and commitments, Arnot…